Monle is a 4 track digital audio editor for the iPhone. No seriously. It’s an app you can use to record, edit, and mix audio. On an iPhone. I took the app for a spin when it was launched earlier this year, and while it felt a bit rough around the edges it delivered on its basic promise of making it relatively easy to split audio clips, arrange them on a timeline, delete sections, and adjust volume all with your fingertips and a 3.5 inch display.

Now there’s a new version which fixes some bugs and which adds support for longer audio files. What’s more, it allows you to import audio from your iTunes library, making it easy to transfer audio recordings from your computer to your mobile device — or to add music from your library to a mix.

To be honest, the app still feels a bit sluggish at times. While dragging up or down on an audio track to adjust the volume was smooth as butter, it took a few seconds to move audio from one track to another, to split audio, or to zoom in and out when working with a 4 minute song imported from my iTunes library on my 4th generation iPod touch.

Monle is aimed at journalists, podcasters, and others who typically need to edit audio tracks and then upload them to an FTP site in a hurry. It doesn’t have support for the kind of digital effects you’d expect from a music editing workstation, but I coudl certainly see the app coming in handy for musicians as well.

But at a time when desktop audio editing apps regularly cost hundreds of dollars, it’s hard to argue with the price. Monle runs just $9.99 from the App Store, and it’s getting better all the time.